Rising mortgage rates over the past three months have led to a plunge in applications to refinance home purchases, and a smaller decline for mortgage applications to purchase a home, according to data released Wednesday.

Mortgage rates started rising in early May, and are now up by about one percentage point. A gauge of refinancing applications has dropped 62% since early May, according to a weekly report from the Mortgage Bankers Association. Over that same time period, a gauge of applications for loans to purchase a home fell 16%.

As rates continue to increase, it’s expected that fewer consumers will refinance. When it comes to purchases, however, the decision is more complicated as buyers also consider factors such as their career prospects and their family’s need for space. In fact, some data indicate that there’s been a recent rush to buy homes before rates rise any further.

Most people refinance into a 30-year loan, but a large share also refinance into a 15-year loan, and some refinance into adjustable-rate mortgages and other loans, according to MBA. Since early May the average rate for a 30-year fixed-rate mortgage has increased 1.05 points, recently hitting 4.4%, according to data from federally controlled mortgage buyer Freddie Mac
/quotes/zigman/226335/quotes/nls/fmccFMCC. Meanwhile, the average rate for a 15-year fixed-rate mortgage rose 88 basis points to 3.44%.